Expanding to Flipping in Indianapolis

[David Chin]

Hey BP, after my first year of investing out of state in Indianapolis, I'm proud to have two properties in my name so far. 1st one was mostly turnkey duplex albeit a foundation job it needed. 2nd one was also a duplex bought to the studs and I am currently working with a contractor to get this ready for rent, although it has been rough so far. So far with this 2nd property, I feel I've gotten a taste of flipping long distance and how challenging it can be for me. However, it has still given me some interest to start having flips in my investing strategy to provide more capital for my buy and holds. I was hoping to gain some insight from other Indy flippers here who would be willing to share their insights on how they've been finding flip opportunities in Indy and how they stay on top of their contractors. 

Also, in light of my challenges being out of state, I'd be open to talking with a local contractor/flipper in Indy who would be interested in partnering on flips. Thanks in advance!

[Aleksandar Popivoda]

What you are saying is: So far with this 2nd property, I feel I've gotten a taste of flipping long distance and how challenging it can be for me. Therefore I decided to flip long distance as a best way to acquire more capital.

I hope you see the problem here. Flipping itself, besides an inherent risk, is extremely demanding endeavor and requires your engagement 100% if you want to be successful (netting at least 15% of ARV). Particularly if you are new to flipping and you don't know what you don't know. On top of that, you are doing it from far away. To me, it's a recipe for disaster.

Start in your own backyard first or continue with light renovations of your rentals and by the time get more experience. 

Good luck.